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Extreme Loss Aversion - what are my options? (Working 9-5 for the rest of my life is not an option)

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Hi guys,

I've been thinking a lot over the last few weeks about how I've never really followed through with an idea for a brand or product. I always thought it was Shiny Object Syndrome and the fact that when it got serious, I just didn't dare.
After some reflection, however, I think it's a deeper problem, namely extremely heightened loss aversion that is almost pathological.
I just have an extreme panic about investing capital in ideas for brands, products ... Anything that requires a larger investment than around 2k is currently beyond my capabilities. I guess this is also related to the fact that I don't have too much capital to invest.

(Briefly on the topic of mindset: I'm sure there are many now who think I have a fixed mindset. That's not the case, even if it sounded that way. I know that I will overcome this increased loss aversion. But I also know that it will take time, probably a lot of time.)

Since I'd like to start in e-commerce because that's the industry I'm most interested in, of course I haven't gotten very far with my loss aversion. I haven't implemented a single project in the last few years, except for one. With this specific project, I knew in advance that there was a need. I knew how much the products would cost and from which producers I could get them. I even knew pretty much in advance how much sales I was going to make. So that was a project where I knew 100% that it was going to work - and even on that project, I had to get a partner on board because I wouldn't have been able to invest 6k on my own. Anyways, that project is dead for various reasons and since then I was not able to start something new.

Quitting entrepreneurship and just being happy with my current 9-5 job is not an option. In fact, although I basically really like my job, I hate the fact of being dependent on an employer. My current work situation is even causing me depression. I need to get going on my own.

So, since I really want to continue with entrepreneurship because being an employee is not a long term option, the question is what are my options? (I can't really start with e-commerce with 2k - in my country it takes around 1.5k to just register a brand. So I guess I have to bite the bullet and start a business that I am not that interested in - assuming that I find a need.) Maybe a service business or freelancing? That wouldn't require as much capital to get started. Are there any other options that I might not be thinking about right now?

Thanks.
 

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Kevin88660

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Hi guys,

I've been thinking a lot over the last few weeks about how I've never really followed through with an idea for a brand or product. I always thought it was Shiny Object Syndrome and the fact that when it got serious, I just didn't dare.
After some reflection, however, I think it's a deeper problem, namely extremely heightened loss aversion that is almost pathological.
I just have an extreme panic about investing capital in ideas for brands, products ... Anything that requires a larger investment than around 2k is currently beyond my capabilities. I guess this is also related to the fact that I don't have too much capital to invest.

(Briefly on the topic of mindset: I'm sure there are many now who think I have a fixed mindset. That's not the case, even if it sounded that way. I know that I will overcome this increased loss aversion. But I also know that it will take time, probably a lot of time.)

Since I'd like to start in e-commerce because that's the industry I'm most interested in, of course I haven't gotten very far with my loss aversion. I haven't implemented a single project in the last few years, except for one. With this specific project, I knew in advance that there was a need. I knew how much the products would cost and from which producers I could get them. I even knew pretty much in advance how much sales I was going to make. So that was a project where I knew 100% that it was going to work - and even on that project, I had to get a partner on board because I wouldn't have been able to invest 6k on my own. Anyways, that project is dead for various reasons and since then I was not able to start something new.

Quitting entrepreneurship and just being happy with my current 9-5 job is not an option. In fact, although I basically really like my job, I hate the fact of being dependent on an employer. My current work situation is even causing me depression. I need to get going on my own.

So, since I really want to continue with entrepreneurship because being an employee is not a long term option, the question is what are my options? (I can't really start with e-commerce with 2k - in my country it takes around 1.5k to just register a brand. So I guess I have to bite the bullet and start a business that I am not that interested in - assuming that I find a need.) Maybe a service business or freelancing? That wouldn't require as much capital to get started. Are there any other options that I might not be thinking about right now?

Thanks.
You pretty much self-diagnosed well. You are scared to lose as you don’t have much to lose. So save more money from your job so that you are more capital?

As you said you could start with skill based freelancing. And worry about scaling it later. Not only that you do not gave to risk capital you could earn some more money trading time for the time being. There is no need to register business and brand. Find your customer first before anything.
 

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You pretty much self-diagnosed well. You are scared to lose as you don’t have much to lose. So save more money from your job so that you are more capital?

As you said you could start with skill based freelancing. And worry about scaling it later. Not only that you do not gave to risk capital you could earn some more money trading time for the time being. There is no need to register business and brand. Find your customer first before anything.
The question is whether I should really start with something that I know is not what I want to do.
On the other hand, I obviously can't do what I want to do right now because I'm too mentally blocked by loss aversion. So it's quite possible that freelancing is a necessary step on the way to my biger goal.
 

Kevin88660

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The question is whether I should really start with something that I know is not what I want to do.
On the other hand, I obviously can't do what I want to do right now because I'm too mentally blocked by loss aversion. So it's quite possible that freelancing is a necessary step on the way to my biger goal.
If you have a smaller risk appetite for financial loss then it is reasonable that you have to choose path that have less scalability right at the start. You cannot have the cake and eat it.
 

Mr. Tycoon

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I just have an extreme panic about investing capital in ideas for brands, products ... Anything that requires a larger investment than around 2k is currently beyond my capabilities. I guess this is also related to the fact that I don't have too much capital to invest.
.. how old are you , are you in your 20's ?

On one side if your working capital is only about 2K that means you don't have much too loose anyway. Just think about it - an homeless guy is only 2K poorer than you !!

If you're in your 20's - you do have plenty of time to try lots of things until you succeed somehow. Screw it, even if you end up in jail for 5-10 years in the meantime , you still got a chance to be a millionaire by 45.
 

Mr. Tycoon

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(Briefly on the topic of mindset: I'm sure there are many now who think I have a fixed mindset. That's not the case, even if it sounded that way. I know that I will overcome this increased loss aversion. But I also know that it will take time, probably a lot of time.)

Since I'd like to start in e-commerce because that's the industry I'm most interested in, of course I haven't gotten very far with my loss aversion. I haven't implemented a single project in the last few years, except for one. With this specific project, I knew in advance that there was a need. I knew how much the products would cost and from which producers I could get them. I even knew pretty much in advance how much sales I was going to make. So that was a project where I knew 100% that it was going to work - and even on that project, I had to get a partner on board because I wouldn't have been able to invest 6k on my own. Anyways, that project is dead for various reasons and since then I was not able to start something new.

Yes , it would take time ... but you cant afford to stay passive and doing nothing except planning theoretically which doesn't count as experience/a real activity. Any little activity in real world it counts more than the most outlandish grand plans you might have on your mind.
 

Mr. Tycoon

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Quitting entrepreneurship and just being happy with my current 9-5 job is not an option. In fact, although I basically really like my job, I hate the fact of being dependent on an employer. My current work situation is even causing me depression. I need to get going on my own.
This is so confusing: you really like your job, you hate been an employee , and you're depressed because of your job. So which is which lol
 

Mr. Tycoon

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what are my options? (I can't really start with e-commerce with 2k - in my country it takes around 1.5k to just register a brand. So I guess I have to bite the bullet and start a business that I am not that interested in - assuming that I find a need.) Maybe a service business or freelancing? That wouldn't require as much capital to get started. Are there any other options that I might not be thinking about right now?

I think you really need to break from your current and past life situations.

Have you considered to leave your country , family , friends /everything and start from zero somewhere else.? I think this might be your only viable option.

Have you date enough girls so you don't have a physiological blockage that might keep messing up with your brain. This has to be sorted out as early as possible in life. Can make or brake your life.

Gambling/ speculation in cryptocurrency I would look into it if I only have a few 1000s on the table. In this way you can make money fast and train your brain to deal with risk.

Basically if you're a healthy , English speaker, young male , smart phone user, living in a westernized country and you were able to travel almost anywhere in the world - you're already in THE top 1% of the most lucky living human on the planet. BUT YOU NEED TO TAKE ACCTION. JUST DECIDE.

You need to read: Felix Dennis's books, and The Zurich Axioms.

Good luck!!!
 

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I don’t know about some of you guys, but I have never felt like I have taken some absurd risk in this journey. You don’t have to go to Vegas with your money to start a business.

There are a TON of options that aren’t super speculative.

This popular opinion that an entrepreneur has to be on the razor’s edge of disaster to make something happen is not true.

Now, if you are all worked up over losing $2000... You need to change your entire outlook on life.
 

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Thank you all for the answers. In reflecting about them and what I wrote, I realized, that this is basically just a story that I tell myself in order to stay inert.
I have a heightened loss aversion, but that does not mean, that there are no options for me. There are a lot of options. I just have to follow through.
 
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Mr. Tycoon

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Thank you all for the answers. In reflecting about them and what I wrote, I realized, that this is basically just a story that I tell myself in order to stay inert.
I have a heightened loss aversion, but that does not mean, that there are no options for me. There are a lot of options. I just have to follow through.
You're asking for directions while you hold the map in your hand.
 

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monfii

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Since I'd like to start in e-commerce because that's the industry I'm most interested in

If you look at something others are interested in instead of something you are interested in, you'll significantly downplay your risks.

Furthermore, that loss aversion of yours can be changed. It's not something you were born with, neither something you have to keep on living with. Trust me, I had the same, and got rid of it.

Check out this thread: BOOK - Personality Isn't Permament, Bejamanin Hardy (Transcend yourself...)
 

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Aut viam inveniam aut faciam.
Read Millionaire Fastlane
I've Read UNSCRIPTED
Oct 15, 2018
85
68
113
If you look at something others are interested in instead of something you are interested in, you'll significantly downplay your risks.

Furthermore, that loss aversion of yours can be changed. It's not something you were born with, neither something you have to keep on living with. Trust me, I had the same, and got rid of it.

Check out this thread: BOOK - Personality Isn't Permament, Bejamanin Hardy (Transcend yourself...)
Yeah, you are right. I am looking for something, others are interested in. But it will be in the sphere of e-commerce. This way I can hit two birds with one stone and do what I want to do, while giving others what they want - if that makes sense.

Thanks for the book tip. I will look into it.
 

MaxKhalus

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Hi guys,

I've been thinking a lot over the last few weeks about how I've never really followed through with an idea for a brand or product. I always thought it was Shiny Object Syndrome and the fact that when it got serious, I just didn't dare.
After some reflection, however, I think it's a deeper problem, namely extremely heightened loss aversion that is almost pathological.
I just have an extreme panic about investing capital in ideas for brands, products ... Anything that requires a larger investment than around 2k is currently beyond my capabilities. I guess this is also related to the fact that I don't have too much capital to invest.

(Briefly on the topic of mindset: I'm sure there are many now who think I have a fixed mindset. That's not the case, even if it sounded that way. I know that I will overcome this increased loss aversion. But I also know that it will take time, probably a lot of time.)

Since I'd like to start in e-commerce because that's the industry I'm most interested in, of course I haven't gotten very far with my loss aversion. I haven't implemented a single project in the last few years, except for one. With this specific project, I knew in advance that there was a need. I knew how much the products would cost and from which producers I could get them. I even knew pretty much in advance how much sales I was going to make. So that was a project where I knew 100% that it was going to work - and even on that project, I had to get a partner on board because I wouldn't have been able to invest 6k on my own. Anyways, that project is dead for various reasons and since then I was not able to start something new.

Quitting entrepreneurship and just being happy with my current 9-5 job is not an option. In fact, although I basically really like my job, I hate the fact of being dependent on an employer. My current work situation is even causing me depression. I need to get going on my own.

So, since I really want to continue with entrepreneurship because being an employee is not a long term option, the question is what are my options? (I can't really start with e-commerce with 2k - in my country it takes around 1.5k to just register a brand. So I guess I have to bite the bullet and start a business that I am not that interested in - assuming that I find a need.) Maybe a service business or freelancing? That wouldn't require as much capital to get started. Are there any other options that I might not be thinking about right now?

Thanks.
If you like your job but don't want to be employed, try freelancing. Work on your rules, when you want, where you want. With that income stream, you can then learn about any business model you like and start building it.
 

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